Doling out some of your responsibilities to others is a wise business move, positively impacting everyone involved.

For business owners, overseeing virtually every aspect of the company only seems natural. After all, you’re the one who knows it best, and making all the calls for your company allows it to maintain a singular vision. Plus, this being your corporate baby, it may simply be hard to trust it with sitters.

Yet studies have shown that effective delegation can both improve employee performance and boost a company’s bottom line, making it an essential part of business. As Richard Branson once bluntly put it, “If you really want to grow as an entrepreneur, you’ve got to learn to delegate.” With this in mind, discover why scrapping micromanaging in favor of sharing the load can be a huge win for your company.

The downsides of not delegating

Think of it in terms of ROI. With time being money, is it the most efficient use of your efforts to have your fingerprints on everything? Or would it be more productive to let someone else help out? The reality is that if you keep performing certain roles despite your team having the talent and desire to do them, you’re burning through money day in and day out by not maximizing your resources. And then there’s the personal cost: overworking yourself for days, weeks, and months at the expense of your well-being (via stress and burnout) and your loved ones’ (through lack of quality time and attention). Spread yourself out too thin, and every aspect of your life may suffer.

There are clearly ample reasons to loosen your reins and give delegating a shot. Here are some key considerations to keep in mind when taking that step.

What not to do

Don’t equate it with weakness
You may feel like you’re putting a dent in your leadership armor if you’re not involved in every single scenario of your business, but you’re not. If anything, you are conveying to your team that you need their help, which will strengthen internal corporate bonds.

Don’t assume you’re better at everything
It’s OK to accept that others may be more knowledgeable in certain areas or better suited for certain work. Even if you handled everything when your business first started, it may be time to hand some parts over to dedicated experts on your team.

Don’t expect perfection
You always want the best from your team members, but don’t forget your own painful slipups before being a business owner or even after you founded your company. Give your employees a reasonable amount of grace to make mistakes, which are also often the best learning opportunities.

Don’t micromanage
In general, people under you crave both responsibility and support, and micromanaging masterfully undermines both, killing the morale of everyone involved (including yours). In contrast, true delegating builds trust—an essential to leadership.

Don’t forget to look long-term
The classic hypothetical “What if you got hit by a bus?” applies here. Would your team be prepared to handle the onslaught of tasks that would fall on them going forward if you were gone? Or forget the bus: Could the company survive without you for just two weeks? Passing off responsibilities can help alleviate such nagging questions, allowing you to live a life of freedom.

What to do

Do be strategic
As an entrepreneur, this is likely already one of your strengths, so lean into it. Plan everything well ahead a time, deciding what you must handle versus what others can tackle along with who should get what tasks. All the while, be mindful that you’re not only looking out for yourself but also empowering your team.

Do set clear expectations
Be crystal clear about everyone’s responsibilities, priorities, deadlines, and goals. Those you’re leading will never reach the finish line if you don’t show them where it is or the best way to get there.

Do welcome questions and provide feedback
Simply dropping projects on your team and walking away is a surefire way to get disappointing results. Keep the channels of communication open, and specify the best ones that work for you. They’ll appreciate being able to get your advice and bounce ideas off you. Remember: mentoring is leading.

Do be patient and trusting
It’s unreasonable to assume that everyone would do your tasks immediately as well as you, especially if it has become second nature to you. Even if they’re more than qualified, there’s always a learning curve when tackling something new in a specific environment. So embrace this virtue, and resist the urge to say, “I’ll just do it.” With the right people on board, they’ll get it in time.

Do give pats on the back
Throughout this process, be acutely aware of wins and celebrate them. Vocally give credit where credit is due to both individuals and teams (“Even better than I could have done it!”), being sure to pump up everyone’s strengths. As a business owner, delegation may not come naturally or easily—but you should give it a try. It very well could be the tool that empowers your team while freeing you up to focus on what you do best: growing your business and maximizing its success.

TAKE ACTION:
Jot down all the tasks you perform for your business, and identify at least three to five that could be allocated to others.